NO.PZ2022120702000052
问题如下：
J Justin Deyzak is conducting a review of the food industry and came comes across two companies which are interesting investment opportunities. Because he is aware that agricultural companies can be highly exposed to climate risk, he investigates Company A and Company B’s business models in order to assess those risks. Below is the summary of his findings.
Company A
Company A’s main products are premium cookies and cakes, which it sells retail in niche markets across the Middle East. It has a franchise model in which it maintains the design and recipe of its product in-house, while outsourcing raw material and production to partners. Suppliers for the key raw material, flour, are based in Yemen and Libya, which have been plagued with water scarcity in the past few years.
Company B
Company B is based in Mexico and produces chocolate paste. To ensure the standard of quality required by its clients, the company owns all of the farms that supply the cocoa.
The company has been growing through acquiring farmland acquisitions. It identifies locations where water sources and soil are of high quality but poor farming techniques have led to inefficiencies. It purchases the land and then works with the farmers to help them transition to more sustainable and productive farming methods.
Which of the following statements is true regarding transition risk?
选项：
A.Company A has lower transition risk because it is a B2C (business-to-consumer) company which outsources its agricultural production. B.Company B has higher transition risk because it is a B2B (business-to-business) company that needs to educate farmers about other farming methods. C.Transition risk related to changing consumer expectations regarding agricultural methods should be considered for both B2B (business-to-business) and B2C (business-to-consumer) companies. D.Justin does not need to review regulation on deforestation in the three countries as these would not impact transition risk.解释：
不管是B2B还是B2C公司，都应考虑消费者对农业方法期望的变化，而农业方法的改进属于transition risk的技术方面。
D选项错误，三个国家的监管层面会影响transition risk，因此Justin需要关注。
B公司主要提及了由于生产技术的改变可能会带来transition risk，A公司主要是供应链可能会受到原材料产地由于干旱所带来的physical risk。
为什么答案要选C
